The Greater Phoenix Chamber of Commerce supports Senate Bill 1181, which represents an industry consensus and reflects national best practices to handle claims against insolvent workers compensation carriers. It protects workers in a cost effective manner. Currently in Arizona, only workers compensation carriers are not covered by the Guaranty Fund. S.B. 1181 will ensure that workers compensation insurers are treated like other insurance carriers through a Guaranty Fund. In preparation for S.B. 1181, the Legislature passed S.B. 1310 which required the Industrial Commission to conduct an actuarial analysis of the revenues and liabilities with in Industrial Commission’s Special Fund. S.B. 1181 utilized this analysis transfer the appropriate level of funds to the Guaranty Fund to ensure proper claims administration.
Learn more about the issue here: SB 1181 Fact Sheet